Market Study Report adds 2017-2024 India POS Terminals Market report that offers an exhaustive coverage of the industry with brief analysis, data charts, figures, statistics that help take business decisions, company profiles and more.

Selbyville, DE -- (SBWire) -- 10/30/2018 --India POS Terminals Market size is set to exceed USD 3 billion by 2024; according to a new research report. The shipments are set to grow at over 10% CAGR over the forecast timeline. The demonetization drive to curb black money has led to significant growth in the digital transactions and infrastructure required to support these payments across several modes, from cards to wallets and bank transfers. Card transactions at POS terminals have hit 60% post demonetization, up double from 30% in 2016; this is anticipated to drive the India POS terminals market growth over the forecast timeline. In order to maintain the rise in digital transactions, the RBI has proposed a significant cut in Merchant Discount Rate (MDR) charges on debit card transactions.

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Government emphasis on creating a cashless economy has substantially increased the demand for these machines from banks, propelling the India POS terminals market growth. The Indian government have been encouraging banks to deploy over one million terminals after demonetization to meet the rising demand and address the major cash crunch crisis. State Bank of India (SBI), the major public-sector bank has prepared a proposal for the procurement of 500,000 machines. Such high demand from the banks is offering huge opportunities for the Indian players such as Mswipe, Ezetap, and Pine Labs to establish a strong foothold in the industry by offering competitive systems.

Security concerns pertaining to theft of confidential financial information is expected to inhibit the India POS terminals market growth. This is due to the potential risk of skimming and malware while transactions being carried out at POS terminals. Most of the hackers seek the keystroke loggers to gain the information regarding the PIN and user IDs. In addition, malwares are the most attractive sources of stolen payment cards for the cybercriminals, which may inhibit growth.

India connected POS terminals market will witness a huge demand owing the advantages offered by the technology such as enhanced security, free floor space, and minimized customer waiting time. Moreover, the demand for these machines are majorly coming from small business across retail and restaurants as the technology is becoming more affordable and approachable Connected terminals helps in inventory management and provide consolidated of the card payments.

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In India, POS terminals have significant penetration in Tier 1 cities, whereas Tier 2 cities and rural areas are picking up progressively. Several initiatives such as Micro ATMs, Aadhaar-enabled systems, and Jan Dhan Yojana are surging the demand in the rural areas impacting the India POS terminals market size.
Players operating in the India POS terminals market include VeriFone, Ingenico, Ezetap Mobile Solutions Pvt. Ltd., MobiSwipe Technologies Private Limited, Mosambee, Paynear Solutions Pvt. Ltd., Skilworth Technologies Pvt. Ltd. and Visiontek Telesystems Private Limited among others. The increasing number of orders from banks offer great opportunities to the Indian players. Procuring these systems from foreign players consumes more time to ship the product during immediate requirement, hence, companies in the local market are focusing on expanding their manufacturing capacity.

Table of Contents

Chapter 1 Methodology & Scope

Chapter 2 India POS Terminals Market Executive Summary

Chapter 3 India POS Terminals Industry Insights

Chapter 4 India POS Terminals Market, By Product

Chapter 5 India POS Terminals Market, By Service

Chapter 6 India POS Terminals Market, By Component

Chapter 7 India POS Terminals Market, By Functionality

Chapter 8 India POS Terminals Market, By Application

Chapter 9 India POS Terminals Market, By Region

Chapter 10 India POS Terminals Market Company Profiles

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